Abolishes the Advanced Technology Program (ATP) and replaces it with the Technology Innovation Program (TIP), while continuing support originally awarded under ATP. Provides for TIP to assist U.S. businesses and institutions of higher education or other organizations, such as national laboratories and nonprofit research institutes, to accelerate the development and application of challenging, high-risk, high-reward technologies in areas of critical national need that promise widespread economic benefits for the nation.
Requires the Director to make grants to eligible companies for research and development on high-risk, high-reward emerging and enabling technologies (including any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use) that address critical national needs and have a wide breadth of potential application, and form an important technical basis for future innovations.
Specifies that such grants be made to:
(1) eligible companies that are small or medium-sized businesses; or
(2) joint ventures.
Sets forth limitations on single company and joint venture grant amounts.
Limits the federal share of a project to not more than half of total project costs.
Requires the Director, in carrying out TIP, as appropriate, to coordinate with other senior state and federal officials to ensure cooperation and coordination in state and federal technology programs and to avoid unnecessary duplication of efforts.
Establishes within NIST a Technology Innovation Program (TIP) Advisory Board. Requires such Board to provide to the Director:
(1) advice on programs, plans, and policies of TIP;
(2) reviews of TIP's efforts to assess it economic impact;
(3) reports on the general health of the program and its effectiveness in achieving its legislatively mandated mission;
(4) guidance on areas of technology that are appropriate for TIP funding; and
(5) recommendations as to whether, in order to better assess whether specific innovations to be pursued are being adequately supported by the private sector, the Director could benefit from advice and information from additional industry and other experts sources without a proprietary or financial interest in proposals being evaluated.
Requires such Board to transmit annual reports to the Secretary for transmittal to Congress within 30 days after the submission to Congress of the President's annual budget request which shall address the status of TIP and comment on the relevant sections of the programmatic planning document and updates thereto transmitted to Congress by the Director. Defines "high-risk, high-reward research" to mean research that:
(1) has the potential for yielding results with far-ranging or wide-ranging implications;
(2) addresses critical national needs related to technology and measurement standards; and
(3) is too novel or spans too diverse a range of disciplines to fare well in the traditional peer review process.